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Inflation in Greece rises to 1.8% in October from 1.1% in September

November 10, 2018EconomyComments Off on Inflation in Greece rises to 1.8% in October from 1.1% in September254 Views

Annual inflation rate in Greece accelerated to 1.8 percent in October from 1.1 percent a month earlier, Greek Statistics Authority ELSTAT said on Friday.

The data showed that consumer price index rose to 1.8 percent year-on-year. In September the rate was 1.1 percent.

The evolution of the Consumer Price Index (CPI) of October2018(reference year 2009=100.0)

is depicted as follows:

The CPI in October2018compared with October2017,increased by 1.8%.

In October 2017, the annual rate of change of the CPI was 0.7%.

The CPI in October 2018 compared with September 2018,increased by 0.8%.

The average CPI for the twelve -month period from November2017to October2018, compared with the corresponding index for the period November 2016 to October2017 increased by 0.6%

Analysis of changes of the CPI: October 2018 – Monthly change of rate October 2018 compared with September 2018 according to groups of goods and services:

A decrease of 0.3% in Hotels-Cafe-Restaurants due to a decrease mainly in the prices of hotels-motels-inns.

Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes.

Deflation in the country hit its highest level in Nov. 2013 when consumer prices registered a 2.9 percent year-on-year decline. The economy emerged from deflation in June 2016.

PS Just between you and me, prices in supermarkets skyrocketed right the following day after Greece exited the bailout program on 20. August. Indicative for me is the cost of items for my standardized breakfast: Milk went up by 36 cents from €1.70 for q.5 liter. My breakfast cereals went up to €3.56 from €3.26. The rest is history and statistics…

I don’t remember that wages rose or are about to rise to adjust to rising inflation. A friend’s daughter, a dental technician, got an offer for a part-time job last week. Salary just enough to cover the workers fuel cost.

By the way, I got so angry on Friday to hear a pro-government analyst claiming on state broadcaster that “inflation was good as it would boost competitiveness.”

When everybody knows that the inflation rat is eating up the purchasing power.